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A state fund open to all comers?

April 18, 2005

BOSTON - In a move that could have broad implications for the mutual fund and financial advice industries, one state regulator is mulling the possibility of opening the state's pension fund to all residents. The plan, which is intended to give...

Do-gooder investors fear disclosure shift

April 18, 2005

NEW YORK - Some in the socially conscious investing community are worried that the Securities and Exchange Commission may soon modify, or even repeal, a rule that forces mutual funds to disclose their proxy votes. Although most mutual fund industry...

New financial planning guide for disasters released

April 18, 2005

NEW YORK - Following a year that saw Florida battered by hurricanes, California devastated by mudslides and wildfires, and the Midwest damaged by tornadoes, financial planners have a new tool to help clients protect themselves fiscally and physically...

Critics weigh in on SEC's point-of-sale proposal

April 11, 2005

WASHINGTON - NASD and the brokerage industry last week recommended that the Securities and Exchange Commission require that point-of-sale disclosures be made to mutual fund investors over the Internet. Washington-based NASD's recommendation...

Exec pay+bonuses down, but restricted stock is on rise

April 11, 2005

BOSTON - With regulators and investors looking over their shoulders, directors at financial services companies that manage assets are putting the clamps on salaries and bonuses. However, they are continuing to increase the use of restricted...

Canadian bill on IRA-like investments clears hurdle

April 11, 2005

OTTAWA - A proposal that could open up a billion-dollar market for U.S. advisers and mutual funds dodged a bullet last week when Canada's minority Liberal government offered to remove a controversial environmental provision from its budget bill....

Head of small broker criticizes NASD

April 11, 2005

NEW YORK - David Smith, the president of a small broker-dealer and registered investment adviser, said he is in a legal dilemma, and he blames a Florida attorney and NASD's securities arbitration process for his predicament. The attorney, Joel...

FPA unlikely to get courts to overturn rule

April 11, 2005

WASHINGTON - Following a historic decision by the Securities and Exchange Commission to exempt brokers who manage $268 billion in fee-based accounts from regulation as investment advisers, it appears unlikely that the Financial Planning Association...

Federal pre-emption examinedState

April 4, 2005

WASHINGTON - Two little-noticed lawsuits that State Farm Bank filed in federal courts are causing state securities regulators and consumer advocates to worry about the possibility of federal pre-emption of state "cops on the beat." State Farm...

Planners want a voice in Social Security debate

March 28, 2005

NEW YORK - As public debate over the future of Social Security escalates, financial planners don't want to be relegated to the sidelines. The organizations that represent them are listening but responding differently when it comes to taking...

Life insurers said to face $200B reserve shortfall

March 28, 2005

NEW YORK - Life insurers will have to set aside an additional $200 billion in death-benefit reserves over the next 10 years to meet excessive and unnecessary regulatory requirements, a new report predicts. The higher reserves - mandated by state...

SEC appeals B shares case it lost to indie broker-dealer

March 28, 2005

NEW YORK - The Securities and Exchange Commission has partially appealed a case it lost to an independent-contractor broker-dealer last month over the sale of mutual fund B shares. The SEC's lost case stands in stark juxtaposition to securities...

Northwestern sues ex-agent, seeking to blunt his attacks

March 28, 2005

SAN FRANCISCO - Northwestern Mutual Life Insurance Co. is suing one of its former agents who runs a website that publishes content highly critical of the company's practices. The Milwaukee-based financial services giant is suing Policyowner...

Former Griffith staffers charge firm with deceit

March 28, 2005

NEW YORK - Thirty-six independent-contractor registered representatives formerly affiliated with W.S. Griffith Securities Inc. are seeking $46 million in damages from their old broker-dealer and its former owner, Phoenix Cos. Inc. of Hartford,...

Ruling clouds status of insurance trusts

March 28, 2005

CHICAGO - A controversial court ruling last month that cast doubt on the use of life insurance trusts is already having a chilling effect on the widely used estate planning strategy. Worries over the decision effectively quashed a trust deal...

Point-of-sale plan is still a hard sell

March 21, 2005

WASHINGTON - Brokers at first thought the Securities and Exchange Commission was granting them some relief from the cumbersome "point of sale" disclosure requirements first proposed in January 2004. Now they're having second thoughts. The new...

COMING SOON

March 21, 2005

InvestmentNews is launching a monthly e-newsletter called Regulatory Alert to keep our readers on top of key regulatory and legislative developments that affect their business. The newsletter will run the first Wednesday of each month, starting...

CCO outreach program has few fans

March 21, 2005

PALM SPRINGS, Calif. - The Securities and Exchange Commission's initiative creating a chief compliance officer outreach program is nothing more than an attempt to further deputize CCOs as the eyes and ears of the commission, according to some...

NASD fines broker for market timing in variable-life policy

March 21, 2005

NEW YORK - In a first, NASD on Wednesday fined a broker-dealer for market timing in subaccounts of variable universal life insurance policies. The broker-dealer, Jefferson Pilot Variable Corp. of Concord, N.H., was fined $325,000 for failure...

SEC launches exam hotline for advisers

March 21, 2005

WASHINGTON - The Securities and Exchange Commission has set up a hotline for investment advisers and investment companies to report complaints about examinations. Lori Richards, director of the SEC's office of compliance inspections and examinations,...

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